MIRA INFORM REPORT
|
Report No. : |
349214 |
|
Report Date : |
06.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
ATC TIRES PRIVATE LIMITED (w.e.f.26.03.2008) |
|
|
|
|
Formerly Known
As : |
NM TYRES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Unit No. T-6 and 7, 5th Floor, High Street Phoenix, A Wing, 462, Senapati
Bapat Marg,
Lower Parel, Mumbai – 400013, Maharashtra |
|
Tel. No. : |
91-22-39579600 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
18.07.2007 |
|
|
|
|
Com. Reg. No.: |
11-172456 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 149.400 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25111MH2007PTC172456 |
|
|
|
|
IEC No.: |
0307085279 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN15214D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCN5773A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Tire, tubes and flaps, agricultural tire, aluminum
railings, earthmover tire and tire changer machine. |
|
|
|
|
No. of Employees
: |
270 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of the “Alliance Tire Group”, an entity in the
global “Off-The-Road” (OTR) Tires business. It is wholly-owned subsidiary of Turgco
Limited, Cyprus. It has fine track record. The company possesses a healthy profile marked by strong networth base
along with ample liquidity and good profitability. The rating also take into consideration the companies experienced
promoters and its group companies. Trade relations are reported to be fair. Business is active. Payment
are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank facilities = AA- |
|
Rating Explanation |
Have high degree of safety and carry very low credit risk. |
|
Date |
November 24, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank facilities = A1+ |
|
Rating Explanation |
Have very strong degree of safety and carry lowest credit risk. |
|
Date |
November 24, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Nilesh |
|
Designation : |
Account Executive |
|
Contact No.: |
91-22-39579600 |
|
Date : |
05.11.2015 |
LOCATIONS
|
Registered/ Sales and Marketing Office : |
Unit No. T-6 and 7, 5th Floor, High Street Phoenix, A Wing, 462, Senapati
Bapat Marg,
Lower Parel, Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-39579600 |
|
Fax No.: |
91-22-39579699 |
|
E-Mail : |
|
|
Website : |
|
|
Location: |
Owned |
|
Locality : |
Industrial |
|
|
|
|
Factory : |
SIPCOT-SEZ, Plot No. A-2, SIPCOT Industrial Growth Centre, Gangaikondan, District Tirunelveli - 627352, Tamilnadu, India |
DIRECTORS
As On 24.05.2014
|
Name : |
Mr. Ashokkumar Mahansaria |
|
Designation : |
Managing director |
|
Address : |
B-202, Anand Tirupati Apartment, Bhulabhai Desai Road, Mumbai –
400026, Maharashtra, India |
|
Date of Birth/Age : |
12.12.1951 |
|
Qualification : |
Inter Science |
|
Experience : |
43 Years |
|
Date of Appointment : |
29.08.2007 |
|
PAN No.: |
AABPM1304L |
|
DIN No.: |
00090785 |
|
|
|
|
Name : |
Mr. Yogeshkumar Ashokkumar Mahansaria |
|
Designation : |
Director |
|
Address : |
B-202, Anand Tirupati Apartment, Bhulabhai Desai Road, Mumbai –
400026, Maharashtra, India |
|
Date of Birth/Age : |
13.09.1975 |
|
Date of Appointment : |
29.08.2007 |
|
PAN No.: |
AABPM1313R |
|
Voter ID No.: |
MT/04/024/0216283 |
|
DIN No.: |
00090323 |
|
|
|
|
Name : |
Mr. Gajendra Singh Kushwaha |
|
Designation : |
Whole-time director |
|
Address : |
19, Shree Rag Township, Near Narmada College, Zadeshwar Tavra Road,
Zadeshwar, Bharuch – 392011, Gujarat, India |
|
Date of Birth/Age : |
05.07.1953 |
|
Qualification : |
B.Sc. ,B.E. (Mechanical) |
|
Experience : |
35 Years |
|
Date of Appointment : |
29.09.2009 |
|
PAN No.: |
ABUPS1700L |
|
DIN No.: |
02772542 |
|
|
|
|
Name : |
Mr. Sanjay Omprakash Nayar |
|
Designation : |
Director |
|
Address : |
Flat No. 9, The Rushilla Cooperative Housing Society Limited, 17/C,
Carmichael Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
13.10.1960 |
|
Date of Appointment : |
26.06.2013 |
|
Voter ID No.: |
ISD5002209 |
|
DIN No.: |
00002615 |
|
|
|
|
Name : |
Mr. Akhil Puri |
|
Designation : |
Director |
|
Address : |
Unit 32, Apsara Bhojwani Nargis Dutt Road, Pali Hill, Near Dilip Kumar
Bunglows, Bandra [West], Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
26.03.1975 |
|
Date of Appointment : |
26.06.2013 |
|
Voter ID No.: |
ROL4106233 |
|
DIN No.: |
06612755 |
|
|
|
|
Name : |
Mr. Rupen Mukesh Jhaveri |
|
Designation : |
Director |
|
Address : |
5/C, Alankar Building, B. J. Mehta Road, Malabar Hill, Mumbai - 400006, Maharashtra, India |
|
Date of Appointment : |
28.01.2015 |
|
DIN No.: |
01820858 |
|
|
|
|
Name : |
Mr. Rohan Suri |
|
Designation : |
Director |
|
Address : |
C-15 Sector 30, Dadri, District - Gautam Budh Nagar, Noida - 201301, Uttar Pradesh, India |
|
Date of Appointment : |
28.01.2015 |
|
DIN No.: |
07074450 |
|
|
|
|
Name : |
Mr. Muralidharan Kalyanasundaram |
|
Designation : |
Whole-Time Director |
|
Address : |
25, 4th Main Road, T.N.H.B. Colony, Kotturpuram, Chennai - 600085, Tamilnadu, India |
|
Date of Appointment : |
26.06.2014 |
|
DIN No.: |
05119127 |
KEY EXECUTIVES
|
Name : |
Mr. Sachin Baweja |
|
Designation : |
Company Secretary |
|
Address : |
E-2305, 23rd Floor, Oberoi Splendor, JVLR, Andheri (East), Mumbai - 400060, Maharashtra, India |
|
Date of Appointment : |
01.09.2015 |
|
PAN No.: |
AHMPB0514F |
|
|
|
|
Name : |
Mr. Angelo Noronha |
|
Designation : |
Chief - Marketing and Sales |
|
|
|
|
Name : |
Mr. Nilesh |
|
Designation : |
Account Executive |
MAJOR SHAREHOLDERS
AS ON 24.05.2014
|
Names of Shareholders |
|
No. of Shares |
|
Turgco Limited, Cyprus |
|
14943357 |
|
ATC Secretaries Limited, Cyprus |
|
1 |
|
Total |
|
14943358 |
AS ON 24.05.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Tire, tubes and flaps, agricultural tire, aluminum
railings, earthmover tire and tire changer machine. |
||||
|
|
|
||||
|
Products/ Services : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
Finished Goods |
||||
|
Countries : |
|
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
Raw Material |
||||
|
Countries : |
China |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash, Cheque and Credit (30/60/90 Days) |
||||
|
|
|
||||
|
Purchasing : |
Cash, Cheque and Credit (30/60/90 Days) |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
End User and OEMs
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
270 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
· Export - Import Bank of India Centre One, Floor
21, World Trade Centre, Cuffe Parade, Mumbai - 400005, Maharashtra, India · ICICI Bank Limited Landmark Race Cource Circle, Alkapuri, Vadodara - 390015, Gujarat, India |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Associates LLP Chartered Accountants |
|
Address : |
14th Floor, The Ruby 29, Senapati Bapat Marg, Dadar
[West], Mumbai – 400028, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
ACHFS9118A |
|
|
|
|
Fellow Subsidiary company : |
· Alliance Tire Company Limited · Alliance Tire Americas Inc, USA · Alliance Tire Europe B.V ·
Alliance Tire Africa (PTY) Limited |
|
|
|
|
Holding company : |
Turgco Limited,
Cyprus |
|
|
|
|
Subsidiary company
: |
Qingdao Alliance
Tire Company Limited |
|
|
|
|
Enterprises which are
owned, or have significant influence of or are partners with Key management
personnel and their relatives : |
Yogesh Agencies
and Investments Private Limited [U51209MH1982PTC027109] |
CAPITAL STRUCTURE
AFTER 24.05.2014
Authorised Capital: Rs. 1500.000 Million
Issued, Subscribed & Paid-up Capital: Rs. 1346.153
Million
As On 24.05.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14943358 |
Equity Shares |
Rs. 10/- each |
Rs. 149.400 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
149.400 |
149.400 |
132.876 |
|
(b) Reserves & Surplus |
8492.600 |
4878.800 |
1897.118 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
8642.000 |
5028.200 |
2029.994 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
610.500 |
933.400 |
1382.486 |
|
(b) Deferred tax liabilities (Net) |
117.900 |
88.600 |
75.869 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
88.100 |
158.200 |
212.166 |
|
Total
Non-current Liabilities (3) |
816.500 |
1180.200 |
1670.521 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
128.100 |
1049.600 |
1347.190 |
|
(b)
Trade payables |
826.200 |
611.000 |
567.975 |
|
(c)
Other current liabilities |
499.800 |
555.600 |
614.149 |
|
(d)
Short-term provisions |
77.800 |
226.300 |
91.992 |
|
Total
Current Liabilities (4) |
1531.900 |
2442.500 |
2621.306 |
|
|
|
|
|
|
TOTAL |
10990.400 |
8650.900 |
6321.821 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
3380.200 |
3098.200 |
2450.390 |
|
(ii)
Intangible Assets |
9.500 |
7.000 |
6.999 |
|
(iii)
Capital work-in-progress |
801.300 |
554.400 |
256.551 |
|
(iv) Intangible assets under development |
2.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
3.300 |
3.300 |
3.301 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
1763.600 |
543.100 |
647.412 |
|
(e)
Other Non-current assets |
9.300 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
5969.200 |
4206.000 |
3364.653 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
263.500 |
283.300 |
0.000 |
|
(b)
Inventories |
1585.300 |
1741.800 |
1527.464 |
|
(c)
Trade receivables |
1725.100 |
1521.800 |
1371.935 |
|
(d)
Cash and cash equivalents |
1288.300 |
828.300 |
20.583 |
|
(e)
Short-term loans and advances |
158.000 |
58.900 |
35.681 |
|
(f)
Other current assets |
1.000 |
10.800 |
1.505 |
|
Total
Current Assets |
5021.200 |
4444.900 |
2957.168 |
|
|
|
|
|
|
TOTAL |
10990.400 |
8650.900 |
6321.821 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
|
|
|
Sale of products |
11749.200 |
8861.700 |
6509.600 |
|
|
|
Business support services income |
173.400 |
157.100 |
130.100 |
|
|
|
TOTAL INCOME |
11922.600 |
9018.800 |
6639.700 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
7946.900 |
6723.600 |
5899.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
3975.700 |
2295.200 |
740.700 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
341.200 |
299.000 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
3634.500 |
1996.200 |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
20.700 |
74.200 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT /
(LOSS) AFTER TAX |
3613.800 |
1922.000 |
446.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
11966.300 |
9069.900 |
6564.100 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
241.83 |
128.62 |
33.62 |
|
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
13000.000 |
The above information has been parted by Mr. Nilesh (Account Executive).
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
348.900 |
448.900 |
448.920 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
3953.200 |
2247.900 |
602.258 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
|
30.76 |
21.69 |
6.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
35.69 |
24.67 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.42 |
0.40 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.12 |
0.48 |
1.56 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.28 |
1.82 |
1.13 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
132.876 |
149.400 |
149.400 |
|
Reserves & Surplus |
1897.118 |
4878.800 |
8492.600 |
|
Net worth |
2029.994 |
5028.200 |
8642.000 |
|
|
|
|
|
|
long-term borrowings |
1382.486 |
933.400 |
610.500 |
|
Short term borrowings |
1347.190 |
1049.600 |
128.100 |
|
Current Maturities of
Long Term Debt |
448.920 |
448.900 |
348.900 |
|
Total borrowings |
3178.596 |
2431.900 |
1087.500 |
|
Debt/Equity ratio |
1.566 |
0.484 |
0.126 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sale
of Products |
6509.600 |
8861.700 |
11749.200 |
|
|
|
36.133 |
32.584 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sale of Products |
6509.600 |
8861.700 |
11749.200 |
|
Profit |
446.700 |
1922.000 |
3613.800 |
|
|
6.86% |
21.69% |
30.76% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---------------------- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
Yes |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
---------------------- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last four years |
Yes |
|
27 |
Reasons for variation <> 20% |
---------------------- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
---------------------- |
|
33 |
Market information |
---------------------- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10580384 |
07/07/2015 |
5,386,866,500.00 |
Axis Bank Limited |
GROUND FLOOR, AXIS HOUSE, BOMBAY DYEING MILLS COMPOUND, P.B. MARG, WORLI, Mumbai - 400025, Maharashtra, INDIA |
C59122671 |
|
2 |
10534024 |
27/08/2015 * |
309,000,000.00 |
Axis Bank Limited |
GROUND FLOOR, AXIS HOUSE, BOMBAY DYEING MILLS COMPOUND, P.B. MARG, WORLI, MUMBAI - 400025, Maharashtra, INDIA |
C64901382 |
|
3 |
10488763 |
22/07/2014 * |
1,078,471,897.90 |
Axis Bank Limited |
2ND FLOOR, AXIS HOUSE, BOMBAY DYEING MILLS COMPOUND, P.B. MARG, WORLI, MUMBAI - 400025, Maharashtra, INDIA |
C13855051 |
|
4 |
10136380 |
17/11/2014 * |
2,902,000,000.00 |
Axis Bank Limited |
GROUND FLOOR, AXIS HOUSE, BOMBAY DYEING MILLS COMPOUND, P.B. MARG, WORLI, MUMBAI - 400025, Maharashtra, INDIA |
C36211316 |
* Date of charge modification
CHANGE OF ADDRESS:
The Registered Office of the company has been shifted from 105, Creative
Industrial Estate, 72, N. M. Joshi Marg, Mumbai – 400092, Maharashtra, India to the present
address w.e.f.15.03.2012.
GENERAL INFORMATION
Subject is a wholly owned subsidiary of Turgco Limited, Cyprus. The
manufacturing plant of the Company is situated within a Special Economic Zone
at Village Gangaikondan, District Tirunelveli, Tamilnadu. The company is in the
process of setting up an export oriented manufacturing unit (‘EOU’) at Gujarat,
India. The Company is engaged in manufacture of Off Highway Tyres, which are
primarily exported to different countries across the world.
PROJECTS:
During the year,
1) The expansion of the Installed Capacity of the Tamil Nadu Plant from 61,000 Tons per annum to 84,000 Tons per annum (revised from the originally planned 91,000 Tons per annum) is under implementation and on schedule to be completed by mid-2014.
2) The commissioning of the 2nd Green-Field Tyre Manufacturing Plant in Gujarat, with an installed capacity of 50,000 tons per annum, is delayed by two months due to unprecedented heavy rains in the months of June to October 2013. The Trial Production for the first phase is scheduled for the last quarter of the Calendar Year 2014.
3)
In view of the improved availability of Power
for the Tamil Nadu Plant due to tie-ups with Private Power Producers, the
Company has put on hold its plan to set up a Co-Generation Plant, as earlier
proposed.
OPERATIONS:
The Company mainly operates in the ‘Off-Highway Tyres’
segment.
During the year, the Sales Revenue was Rs. 11749.200 Million and the Business Support Services Income was placed Rs. 173.400 Million, as compared to Rs 8861.700 Million and Rs. 157.100 Million respectively in the previous year.
During the year, the Profit before Depreciation and Tax was
Rs. 3975.700 Million and the Profit after Tax was Rs 3613.800 Million, as
compared to Rs 2295.200 Million and Rs 1922.000 Million respectively during the
previous year.
OUTLOOK FOR THE
CURRENT YEAR 2014-15
The Company has seen a pickup in demand from the North American and European markets, due to various initiatives taken to improve Distribution and Competitiveness. This is expected to help the Company fully utilize the additional capacity that will be available during the current year, leading to higher turnover. The Company currently has an order backlog of 2 months of production.
The tax exemption available to the Tamilnadu factory, which
is an SEZ (Special Economic Zone) unit, will reduce from 100% of the Profits of
the Unit to 50% of the Profits from the current year commencing April 1, 2014
leading to a higher tax liability in the coming years.
FIXED ASSETS:
· Land
· Buildings
· Factory building
· Plant and equipment
· Factory equipment’s
· Other plant and equipment
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
· Computer equipment’s
· Other equipment’s
· Leasehold improvements
· Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration:
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration:
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime:
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws:
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards:
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government:
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package:
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report:
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.67 |
|
|
1 |
Rs.101.02 |
|
Euro |
1 |
Rs.71.35 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
67 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.